USDA updated the rating of oilseed production countries in MY 2024/25

The United States Department of Agriculture (USDA) has released its updated April forecast for the 2024/25 oilseed and grain crop. According to the report, global oilseed production will be 676.6 million tons, which is 2.75 million tons less than in the March forecast. The decrease primarily concerns sunflower, soybean and rapeseed.

The forecast for global sunflower production has been reduced by 0.17 million tons to 52.3 million tons. The global soybean figure has also been reduced by 0.2 million tons to 420.6 million tons, mainly due to a lower harvest in Bolivia. The estimate for rapeseed has been significantly reduced to 85.2 million tons, which is 4.62 million tons less than last year. The main declines are in the EU, Canada and Ukraine (by 0.95 million tons).

The top ten oilseed producers in the current season include Brazil (176.0 million tons), the United States (128.5 million tons) and China (67.8 million tons). Ukraine ranks 9th with a forecast of 24.2 million tons, which is 4.9% less than in 2023/24 MY. The decline in production in the European Union and Ukraine is partially offset by the growth in Russia and the United States.

TOP-10 oilseed producers:

1. Brazil – 176.0 million tons (+ 9.8% y/y);
2. USA – 128.5 million tons (+ 5.2% y/y);
3. China – 67.8 million tons (+ 1.3% y/y);
4. Argentina – 55.3 million tons (+ 1.9% y/y);
5. India – 43.0 million tons (+ 3.8% y/y);
6. EU – 28.7 million tons (- 14.6% y/y);
7. Russia – 28.6 million tons (+ 1.8% y/y);
8. Canada – 26.4 million tons (+ 0.6% y/y);
9. Ukraine – 24.2 million tons (- 4.9% y/y);
10. Indonesia – 14.8 million tons (+ 6.3% y/y).

Tags: soybean, sunseed, rapeseed